Illinois Leasing Agent Exam Notes -
2024
Personal Property - -Property that is movable and not affixed to or
associated with the land; all property except real property.
- Chattels - -Items of personal property: including tangibles such as chairs,
tables, clothing, money, bonds, bank accounts, including trade fixtures.
- Manufactured Housing - -Dwellings that are built off site and trucked to a
building lot where they are installed or assembled.
- Emblements - -Refers to crops which require annual planting.
- Classifications of Property - -Real or personal
- Severance - -When an item of real property can become personal property
- Deed - -When property is transferred from one owner to another. Real
property is conveyed by a deed.
- Bill of Sale - -A written instrument given to pass title of personal property
from vendor to vendee.
- Fixture - -personal property that has been so affixed to land or a building
that, by law, it becomes part of the real property
- In determining intent, courts use three basic tests: - -1. Method of
attachment
2. Adaptation to real estate
3.Agreement
- Trade Fixture - -An article owned by a tenant and attached to a rented
space or building for use in conducting a business.
- Attachment - -Personal property that "turns into" real property does so by
attachment
- Accession - -When trade fixtures are not removed and become the
property of the landlord.
- Economic Characteristics of Real Estate - -(1) Scarcity, (2) Improvements,
(3) Permanence of investment, (4) Location
, - Contract - -A voluntary agreement or promise between legally competent
parties, supported by legal consideration, to perform (or refrain from
performing) some legal act..
- Express Contact - -When the parties state the terms and show their
intentions in words; may be written or oral.
- Statute of Frauds - -A state statute under which certain types of contracts
must be in writing to be enforceable.
- Implied Contract - -the agreement of the parties is demonstrated by their
acts and conduct
- Illinois Frauds Act - -requires that any contracts for the sale of land/leases
that won't be fulfilled w/in 1 yr. from the date they are entered into, must be
in writing to be enforceable in court.
- Real Estate License Act of 2000 - -State law enacted to protect the public
from fraud, dishonesty, and incompetence in the purchase and sale of real
estate. It was amended in 2011. Certain contracts must be in writing.
- Bilateral Contract - -both parties promise to do something; one promise is
given in exchange for another
- Unilateral Contract - -A one-sided contract wherein one party makes a
promise so as to induce a second party to do something. The second party is
not legally bound to perform; however, if the second party does comply, the
first party is obligated to keep the promise.
- Executed Contract - -one in which all parties have fulfilled their promises;
the contract has been performed
- Executory Contract - -when one or both parties still have an act to perform
- Elements of a Contract - -1. Offer and acceptance
2. Consideration
3. Legally competent parties
4. Consent
5. Legal purpose
- Offer and Acceptance - -Must be in writing; must express all the agreed-on
terms and must be clearly understood by the parties.
- Offeree - -A person to whom an offer is made.
- Offeror - -A person who makes an offer.
2024
Personal Property - -Property that is movable and not affixed to or
associated with the land; all property except real property.
- Chattels - -Items of personal property: including tangibles such as chairs,
tables, clothing, money, bonds, bank accounts, including trade fixtures.
- Manufactured Housing - -Dwellings that are built off site and trucked to a
building lot where they are installed or assembled.
- Emblements - -Refers to crops which require annual planting.
- Classifications of Property - -Real or personal
- Severance - -When an item of real property can become personal property
- Deed - -When property is transferred from one owner to another. Real
property is conveyed by a deed.
- Bill of Sale - -A written instrument given to pass title of personal property
from vendor to vendee.
- Fixture - -personal property that has been so affixed to land or a building
that, by law, it becomes part of the real property
- In determining intent, courts use three basic tests: - -1. Method of
attachment
2. Adaptation to real estate
3.Agreement
- Trade Fixture - -An article owned by a tenant and attached to a rented
space or building for use in conducting a business.
- Attachment - -Personal property that "turns into" real property does so by
attachment
- Accession - -When trade fixtures are not removed and become the
property of the landlord.
- Economic Characteristics of Real Estate - -(1) Scarcity, (2) Improvements,
(3) Permanence of investment, (4) Location
, - Contract - -A voluntary agreement or promise between legally competent
parties, supported by legal consideration, to perform (or refrain from
performing) some legal act..
- Express Contact - -When the parties state the terms and show their
intentions in words; may be written or oral.
- Statute of Frauds - -A state statute under which certain types of contracts
must be in writing to be enforceable.
- Implied Contract - -the agreement of the parties is demonstrated by their
acts and conduct
- Illinois Frauds Act - -requires that any contracts for the sale of land/leases
that won't be fulfilled w/in 1 yr. from the date they are entered into, must be
in writing to be enforceable in court.
- Real Estate License Act of 2000 - -State law enacted to protect the public
from fraud, dishonesty, and incompetence in the purchase and sale of real
estate. It was amended in 2011. Certain contracts must be in writing.
- Bilateral Contract - -both parties promise to do something; one promise is
given in exchange for another
- Unilateral Contract - -A one-sided contract wherein one party makes a
promise so as to induce a second party to do something. The second party is
not legally bound to perform; however, if the second party does comply, the
first party is obligated to keep the promise.
- Executed Contract - -one in which all parties have fulfilled their promises;
the contract has been performed
- Executory Contract - -when one or both parties still have an act to perform
- Elements of a Contract - -1. Offer and acceptance
2. Consideration
3. Legally competent parties
4. Consent
5. Legal purpose
- Offer and Acceptance - -Must be in writing; must express all the agreed-on
terms and must be clearly understood by the parties.
- Offeree - -A person to whom an offer is made.
- Offeror - -A person who makes an offer.
